M/S J.P.Srivastava ... vs H.K. Srivastava (D) Th. Lrs. & Ors

The Supreme Court addressed the appeals against the Madhya Pradesh High Court's ruling on the Company Law Board's orders under Sections 397 and 398 of the Companies Act, concerning allegations of mismanagement in a family-owned company. The Court held that the petitioners must demonstrate a minimum shareholding of 10% as per Section 399 of the Act for maintainability of the petition. The Court emphasized the importance of amicable settlement in family disputes and upheld the CLB's directive for valuation of shares, ultimately ruling that the appeals were maintainable and the valuation process was valid.